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Buying House Informal Tender - Advise!
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JJroger
Posts: 22 Forumite
I am looking at a property which is out for informal tender asking price £230K +, the house currently is divided into two flat (informally) and the whole house need doing up top to bottom, GCH, DG, Kitchen, bath etc.
Next door there is a same size house which is converted into two flats, sold for £160 and about £179.
How much do you think I should put in for it?
My position is cash buy subject to servery and paper work (i.e. local search etc) so I except the whole can complete within 3 to 4 weeks.
Thanks, Roger
Next door there is a same size house which is converted into two flats, sold for £160 and about £179.
How much do you think I should put in for it?
My position is cash buy subject to servery and paper work (i.e. local search etc) so I except the whole can complete within 3 to 4 weeks.
Thanks, Roger
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Comments
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Only you can say! You need to establish how much it will cost to convert properly (if it doesn't have PP and building regs = a small fortune - it is not a case of sticking up walls and doors)
Then you decide how much you want to make in profit. Then you subtract those two amounts from the combined and nice, sensible end-values and that is what you offer.
It's always nice to add what you think will need doing to a property as it will indicate to the vendors whether you are realistic - ie. if you know that it will need building regs and xy and z doing, you know what you are doing, there will be little surprise for you at survey and therefore you will be unlikely to pull out.Everything that is supposed to be in heaven is already here on earth.
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You bid what you are prepared to pay for it.
If it is a true infromal tender it doesn't matter what you bid as once all bids are opened all bidders should have the opportunity to put in an offer higher than the highest bidder.0 -
I am not a developer and not really interested converting it at all, I like the current layout, as my wife and I can live in the ground floor and rent out the rest to Student. So the upper floor will be self-content with Kitchen and bath. There will be no need for two utilties as I will be renting out including in rent.
Roger0 -
Well that will help your case certainly. You're likely to offer more if you are happy with the current layout.
Still impossible to say what to offer - you'll have to compare to other properties locally and decide what it is worth to you!Everything that is supposed to be in heaven is already here on earth.
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